Even though location may be everything in real estate, today's economy has businesses searching for ways to cut costs and prevent layoffs. Still, some companies necessitate a high-price and high-traffic commercial space.
A recent Jones Lang LaSalle report highlighted the most expensive streets for office space in North America.
"Rents for office space in these streets were almost 90 percent higher than the average rents in the same metropolitan area," John Sikaitis, senior vice president of research at Jones Lang LaSalle, said in a statement. "Location is everything in real estate and this study proves it. Despite economic conditions, demand for these prime and often prestigious addresses continues to be high."
Sand Hill Road in Menlo Park, California is the hub of the technological world and it provides easy access to Silicon Valley. Properties on this stretch of road run for $114 per square foot, according to Jones Lang LaSalle, making it the most expensive business property in the North American market.
Heading east about 3000 miles, the second most valuable location is on Fifth Avenue in Midtown Manhattan, New York City. Office property there goes for $97 PSF.
In third, at $90 PSF, [was] Greenwich Avenue in Greenwich, Connecticut.